Apple is being sued by customers alleging that the U.S. tech giant is unlawfully disclosing and selling information about users' iTunes purchases as well as their personal data, Bloomberg's Robert Burnson reports. The customers claim that such alleged practices are contrary to Apple's promise in advertising that "What happens on your iPhone stays on your iPhone," Burnson notes. Reference Link

Apple has bought Tueo Health, a start-up that was making a system to help parents monitor asthma symptoms in sleeping kids, CNBC's Christina Farr and Steve Kovach report, citing a person familiar with the deal. It is not clear how much the U.S. tech giant paid for the start-up, the authors note. Reference Link

Apple, iPhones shouldn't feel brunt of tariffs, says Wedbush. Wedbush analyst Daniel Ives told investors in a research note that for a company that employs over 1M Chinese workers with its flagship Foxconn (HNHPF) factory and is a major player within the China technology ecosystem, from a supply chain perspective, Apple (AAPL) should not have "major roadblocks" despite the "noise" from the U.S.-China trade battle. Ultimately, Ives says he believes the likelihood is low that Apple and its iPhones feel the burden of the tariffs given its strategic importance domestically as well as CEO Tim Cook's ability to navigate these issues in the past with U.S. President Trump. The analyst maintains an Outperform rating and $235 price target on Apple shares.

Amazon Japan is the latest in the line-up of companies that have stopped selling Huawei Technologies products through its online store,, says Nikkei. Amazon's Japanese unit "is still allowing third-party vendors to sell Huawei devices on its marketplace, but the decision is likely to steer more consumers away from the brand," added the Nikkei. Reference Link

Amazon shares will rally 65% to $3,000 within 36 months, says Piper Jaffray. Piper Jaffray analyst Michael Olson believes shares of Amazon.com will reach $3,000 between mid-2021 and mid-2022, or within 24-36 months. The stock closed yesterday down $44.20 to $1,815.48. The analyst says his confidence in the 65% share rally is based on what he believes to be relatively conservative growth and valuation assumptions that are incorporated into his sum-of-the-parts analysis. Olson assumes a multi-year deceleration in growth for every major category of Amazon's business, along with "very minimal" adjustment to comp group multiples, "despite Amazon growing significantly faster than comps in both the cloud and advertising segment." Further, he assigns a discounted multiple for Amazon relative to e-commerce peers for the retail segment. Amazon shares can reach $3,000 with no major acquisitions or other significant changes to the business, Olson tells investors in a research note. He admits, however, that a potential Web Services spin-off would "no doubt" help to highlight the "relatively low valuation of the other segments." The analyst maintains an Overweight rating on Amazon.com with a 12-month price target of $2,225.